VANCOUVER, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV:WML) (OTCQB:WMLLF) (SSE:WMLCL) (Frankfurt:EJZN), provides an end of year shareholder update.
“We’re very happy to report a year of positive results and steady progress,” states Wealth’s CEO Henk van Alphen, “with the Company’s focus moving now from acquisitions to development at our extensive lithium brine properties in Chile. The drilling presently underway at our Laguna Verde project in Northern Chile is just part of a more extensive ongoing evaluation program at Laguna Verde and at our Atacama and Trinity projects. We were able to raise monies totaling $16.09M in 2017, and are also extremely encouraged by the recent election results in Chile, which saw Conservative leader Sebastian Piñera elected president on a pro-business/investment platform.”
“The worldwide lithium market is currently receiving significant investor attention,” Mr. van Alphen continues, “with Asian interests particularly active last year. Wealth’s Chilean lithium acquisitions position the company to take full advantage of an increasing demand for lithium batteries as a result of the projected electric car boom in the Chinese market and the requirements of the new global energy sector.”
Wealth’s president Tim McCutcheon explains: "The lithium industry is undergoing rapid consolidation, particularly with regard to salar assets. This is due to one simple fact that the Wealth’s team identified early on—all of the lithium-bearing salars in the world are known to everyone, and by definition no new one will ever be found. That fact, combined with salars' historically lower lithium extraction cost, means that consolidation should come as no surprise to industry observers. Consolidation is also the outward manifestation of what we know to be true—there are serious good quality supply issues on the horizon in the lithium business, and those companies that address this issue first will be long-term winners in an industry that will dictate how global energy markets operate for decades to come."
Wealth’s Executive Director, Chile, said: “I am very excited about Wealth moving to asset advancement, after the intensive effort in the past to put together a great portfolio of lithium assets in Chile. We will follow up with the results of our recent geophysical tests by conducting targeted drilling and other exploration efforts to move our assets forward to the next stage of development. I have no doubt that Chile will go far in being a global lithium powerhouse, and Wealth will play a key role in that process. Mr Piñera intends to stimulate the economy by offering incentive to investors and also by reducing the time involved in getting permits to develop projects, especially mining projects. In his Agenda, lithium exploitation is high up the list of priorities.”
Finally, sums up Mr. van Alphen, “I would like to offer our congratulations to Wealth’s director and long-time associate Leonard (Len) Harris on his induction this year to the National Mining Hall of Fame. Mr. Harris also received the prestigious Hoover Award in 2016 in recognition of his ‘tireless, generous, and continuous efforts in hostile environments to improve community conditions, starting at mines in Peru and beyond, leading to more humane living environments and enhanced futures for thousands of underprivileged children.’ We are proud to have worked with Mr. Harris over the years, and I know that he joins me in thanking Wealth’s team as well as all our shareholders for their support in 2017 and in wishing everyone a happy holiday season and a prosperous new year.”
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico, Peru and Chile. The Company's main focus is the acquisition of lithium projects in South America. To date, the Company has positioned itself to develop the Aguas Calientes Norte, Pujsa and Quisquiro Salars in Chile (the Trinity Project), as well as to work alongside existing producers in the prolific Atacama Salar, in addition to the Laguna Verde lithium project acquisition. The Company has also positioned itself to play a role in asset consolidation in Chile with the Five Salars Project.
Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. The Company also maintains and continues to evaluate a portfolio of precious and base metal exploration-stage projects.
